US-NEWS Summary

Sep 5, 2011, 11:59 p.m.

Libyan army convoy in Niger may be Gaddafi deal

TRIPOLI/AGADEZ, Niger (Reuters) - Scores of Libyan army vehicles have crossed the desert frontier into Niger in what may be a dramatic, secretly negotiated bid by Muammar Gaddafi to seek refuge in a friendly African state, military sources from France and Niger told Reuters on Tuesday. Several hours later, Al Jazeera television reported that rebels had struck a deal with delegates from the Gaddafi holdout town of Bani Walid, 150 km (90 miles) south of Tripoli, to enter it without fighting later on Tuesday.

Asian stocks slide again amid euro zone worries

SINGAPORE (Reuters) - Asian shares fell and U.S. Treasury yields dropped to the lowest levels in at least 60 years on Tuesday on fears that Europe's sovereign debt troubles are worsening and could trigger a second full-blown banking crisis. The market jitters pushed the euro lower and European stocks appear set to slide further as S&P 500 futures slid 2.7 percent, pointing to sharp losses on Wall Street as it catches up to European and Asian markets after a holiday on Monday.

Lower Manhattan: Rising from the ashes

NEW YORK (Reuters) - A decade after the September 11 attacks enveloped Lower Manhattan in a thick gray dust of pulverized buildings and human remains, the surrounding area has become a trendy neighborhood with a booming population. Although an iconic part of the New York City skyline and a symbol of New York's exuberant commercialism, the World Trade Center's twin towers were never much loved by locals, some of whom saw them as unattractive and out of scale with the surrounding area. Now from the horror and rubble, a new community is growing.

U.S. banks offered deal over lawsuits: report

LONDON (Reuters) - Big U.S. banks in talks with state prosecutors to settle claims of improper mortgage practices have been offered a deal that may limit their legal liabilities in return for a multibillion-dollar payment, the Financial Times reported on Tuesday. The talks aim to settle allegations that banks including Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial, seized the homes of delinquent borrowers and broke state laws by employing so-called "robosigners," workers who signed off on foreclosure documents en masse without reviewing the paperwork.

Katia ramps up power, but seen missing East Coast

MIAMI (Reuters) - Hurricane Katia powered up to a major Category 4 storm on Monday, but was expected to veer away from the U.S. East Coast later this week, avoiding a direct hit on a seaboard already battered by Hurricane Irene. The U.S. National Hurricane Center warned, however, that U.S. East Coast beaches should still watch out in the coming week for large swells generated by Katia that could cause life-threatening coastal surf and rip currents.

Obama previews jobs speech, challenges Republicans

DETROIT (Reuters) - President Barack Obama previewed proposals on Monday for new infrastructure spending and an extension of payroll tax cuts as part of a major jobs package he will unveil this week, and challenged Republicans to find common ground with him. Obama used a Labor Day rally with cheering union workers in economically hard-hit Detroit to set a combative tone before his nationally televised speech to Congress on Thursday, signaling he is ready to confront Republicans over their resistance to his agenda.